Manolete Partners Seeks AIM Stock Listing, Raises GBP16 Million (ALLIPO)

LONDON (Alliance News) - Manolete Partners PLC on Friday said it will seek listing on London's ...

Alliance News 30 November, 2018 | 8:49AM
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LONDON (Alliance News) - Manolete Partners PLC on Friday said it will seek listing on London's junior AIM market and has raised GBP16.3 million via placing new ordinary shares.

The insolvency claims financing business placed 9.3 million new shares at 175 pence, raising GBP16.3 million. It also has placed 7.5 million existing shares at the same price, raising GBP13.1 million for selling shareholders.

The company is planning to use the placing proceeds to accelerate growth allowing it to further invest into claims, accept higher value claims and invest in operational upgrades.

Admission of the shares to trading is expected to occur on December 14, with the company anticipating a market capitalisation of GBP76.3 million. On admission, 27% of the company's issued share capital will be held in public hands.

Manolete Partners was established by Chief Executive Steven Cooklin in 2009 to acquire or fund insolvency and insolvency-related claims in the UK. As at September 30, the company had invested in 249 cases generating gross recoveries on the 173 completed cases of GBP27.9 million.

Peel Hunt is acting as nominated adviser and broker for the company in connection with the placing and initial public offering.

By Elena Cherubini; elenacherubini@alliancenews.com

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